The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, commenced today to deliberate on significant tax reforms. A proposed two-slab rate structure of 5% and 18% is on the agenda, aiming to provide tax relief on daily essentials and other goods, aligning with the Prime Minister’s Independence Day assurance. This initiative is expected to generate positive sentiment in Indian markets, particularly for auto and FMCG stocks. Concurrently, gold continues its record-breaking rally, hitting a new all-time high of $3,547 an ounce for the sixth consecutive day, which is boosting gold financing stocks. Globally, Wall Street ended in the red following a federal court ruling against what it called Trump’s illegal tariffs. The discussions also encompass US-India trade relations, with Donald Trump reiterating his stance on not lowering tariffs, while India’s commerce minister indicated a potential deal by November. Additionally, the market is reacting to Google’s major legal victory in an antitrust case and a surge in Hindustan Zinc shares linked to record-high silver prices.
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